Analyst, James Britton, said, "We expect Q1 organic growth of 0.7% which compares with 2.3% in Q4. Stripping out the leap year impact, the underlying decline is c. 60bp. In Europe, we expect growth of -1.7% (Q4 -0.2%, Q3 -1.7%) while in AMAP, we forecast 6.0% vs 7.6% in Q4. FX impacts are unhelpful, wiping 790bp off reported growth and dragging group EPS by c.1%. Headline estimate: service revenues £10,946m, -6% yoy; cash flow £1,240m, -1% yoy. Within the mix, we see Italy as most under pressure. We forecast Q1 organic growth of -7.6% (Q4 -4.1%) with the slowdown caused by both the economic environment and increased competition. Our US analyst Mike McCormack expects VZW to post postpaid adds of 765k, service revenue growth of 7.1% and service margin of 47.7%. US strength remains Vodafone’s key differentiation. VOD’s premium growth is not adequately reflected in valuation (5.3x 2012 EV/EBITDA) and underpins our Buy rating and 225p DCF-based target. FY13 EPS from 16.2p to 16.10p, FY14 EPS from 17.10p to 17.0p, FY15 EPS from 17.90 to 17.80."

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